BeOne Medicines (NASDAQ:ONC) Trading Down 4.8% – Here’s Why

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC) shares were down 4.8% during mid-day trading on Friday . The company traded as low as $312.44 and last traded at $315.56. Approximately 190,761 shares changed hands during trading, a decline of 50% from the average daily volume of 384,078 shares. The stock had previously closed at $331.40.

Analyst Upgrades and Downgrades

ONC has been the topic of several recent analyst reports. Citizens Jmp lifted their price objective on shares of BeOne Medicines from $348.00 to $396.00 and gave the company a “market outperform” rating in a research report on Friday, November 7th. Citigroup increased their price objective on shares of BeOne Medicines from $399.00 to $405.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of BeOne Medicines in a report on Wednesday, October 8th. Barclays initiated coverage on shares of BeOne Medicines in a report on Thursday, September 18th. They issued an “overweight” rating and a $385.00 price target for the company. Finally, Morgan Stanley boosted their price objective on BeOne Medicines from $350.00 to $383.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Twelve equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, BeOne Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $365.79.

BeOne Medicines Stock Performance

The stock has a market capitalization of $38.28 billion, a PE ratio of 633.14 and a beta of 0.45. The business’s 50 day moving average is $332.85 and its 200 day moving average is $302.72. The company has a current ratio of 2.39, a quick ratio of 2.17 and a debt-to-equity ratio of 0.03.

Insider Buying and Selling at BeOne Medicines

In other BeOne Medicines news, COO Xiaobin Wu sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $356.02, for a total value of $3,560,200.00. Following the transaction, the chief operating officer owned 6,009 shares of the company’s stock, valued at $2,139,324.18. This represents a 62.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John Oyler sold 27,803 shares of BeOne Medicines stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $325.71, for a total value of $9,055,715.13. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 81,094 shares of company stock valued at $27,929,161. 6.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Primecap Management Co. CA purchased a new stake in BeOne Medicines in the 2nd quarter valued at about $1,231,720,000. Temasek Holdings Private Ltd bought a new stake in shares of BeOne Medicines during the second quarter valued at approximately $244,603,000. Marshall Wace LLP purchased a new stake in shares of BeOne Medicines in the second quarter valued at approximately $113,190,000. Baird Financial Group Inc. bought a new position in BeOne Medicines in the second quarter worth approximately $82,895,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in BeOne Medicines in the second quarter worth approximately $73,347,000. Hedge funds and other institutional investors own 48.55% of the company’s stock.

BeOne Medicines Company Profile

BeOne Medicines Ltd. is a global oncology company domiciled in Switzerland that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. The firm portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations.